Is purchasing a house and complete renovation affordable?

Now that I read the text again, I have to smile myself :D No idea what I was thinking when I wrote that... Regards, the project engineer

Too much mandatory diversity training in 2021? :)

We have now roughly budgeted €250,000 for a complete renovation, of which we expect at least €30,000 in grants from the BAFA, hence the amount for renovation of €220,000. An on-site inspection with an energy consultant and building expert is still pending.

Interesting project! In recent months, I have calculated several major renovations, partly also covered by offers. The often cited rule of thumb of €1500/m² was unfortunately often no longer tenable after obtaining offers for the largest trades. If you really have to do EVERYTHING (except foundation and shell), I would rather recommend a rule of thumb value of €300k. However, you need to tell us a bit more about your property and renovation plans if you want more precise estimates here.

Particularly important: - Type of building (detached, semi-detached house, single-family house, terraced middle house) - Construction type (solid, prefabricated, wood/concrete ceilings, etc.) - Current condition - Parts to be replaced / planned trades - Zoning plan / design guidelines

You can also share the listing, but NOT as a link! Just provide the ScoutID as a number. If no longer online, the saying applies here as in life: A picture is worth a thousand words.

so the income is high enough, there would be no need to worry.

I thought so too at first. I initially thought everyone would have €5400 net. Misread. And €800 hobby - that can almost only be riding or flying. I consider the project not financially feasible under these conditions.

I thought so too at first.

I initially thought everyone had €5400 net. Misread.

Unfortunately, that is our joint salary. However, I had also indicated that.

And €800 hobby – that can almost only be riding or flying.

Our hobbies are neither riding nor flying.
We currently pay ourselves "pocket money" of €350 per person per month, with which everyone can do whatever they want. Each person can also save this amount individually.
The amount is adjustable and not spent every month.

I consider the project not financially feasible under the given conditions

How do you come to this conclusion?
We have a surplus of over €1000 available every month.

Best regards

800€ for hobbies and 900€ for two cars also seem expensive to me. Somewhere you will have to save when the two children arrive. Maybe with the house the commuting costs will reduce massively, that would be a start.

I would primarily worry about the income with children. If a lot of commuting still needs to be done, it is hardly possible to reconcile two full-time jobs and children. Typically, one would have to work only part-time. Additionally, Cologne has daycare costs that are very high. With your income, children under two years cost over 500€ plus meals per month. Not much remains from the second part-time salary. Here you really need to be honest with yourselves about how you estimate your income for the next 10 years. In any case, the tough period will be longer than the 14 months of parental allowance.

For the renovation costs, I would have expected a list with trades and costs. Without any, I would definitely not estimate under 2000€/m². Here too, Cologne is certainly not the cheapest place.

How do you come to this result? We have a surplus of over €1000 available each month. Regards

The €300 buffer between surplus and loan installment is eaten up by higher ancillary costs and necessary reserves for the house (approx. €1/sqm/month for a new build). If the household income is then reduced because of the children and additional costs arise, your financing no longer works.